The purpose of privatization is an increase BUMN financial performance, by affecting the level of taxation. And encourage private finance to be placed in public investment in major infrastructure schemes. This study tested whether any effect of government ownership on the financial performance of BUMN to be privatized by using the ratio of profitability, operating efficiency, output, liquidity and solvency during the period of 4 years.

Testing the hypothesis in this study using simple linear regression analysis. Population used is BUMN that were privatized from 1991 to 2010. Sampling was then performed by the method of purposive sampling of the population in order to obtain a sample of 13 BUMN. Documentation of data collection using secondary data from annual financial statements published on the Stock Exchange.

Government ownership is significantly positive effect on ROA. And ROE do not give a positive and insignificant, while ROS provide a positive and significant influence. Government ownership is significantly positive effect on the Operating Efficiency. Government ownership is significantly positive effect on output. Government ownership does not provide a positive and significant influence on the privatized BUMN Current Ratio, and ownership of government and a significant negative influence on BUMN Quick Ratio. Government Ownership and significantly positive influence on debt ratio of BUMN privatized, and government ownership and a significant negative influence on the privatized BUMN TIE.